SOL is UP. Now what?

[payinbills]

I have a few posts regarding this situation, but now I have solid information and would like further assistance (oh Retmar! )

Chase N.A. says I owe $3300.

SOL is over and done with. Even though I made an agreement on the phone, AND sent a check (which I stopped payment on) Florida law states

" 95.04 Promise to pay barred debt.--An acknowledgment of, or promise to pay, a debt barred by a statute of limitations must be in writing and signed by the person sought to be charged."

Can they continue to report my debt, making it re-appear on my credit report year after year? They can't can they?

To my understanding, they can only have on my CR for 7 years after I missed my first payment which was in 8/1999.

So all of this means, they have no legal right to collect any money, and this mark will disappear in 8/2006.

I should be able to offer them some money to remove the mark completely, or I can just say I'll wait a year and a half for free.

I was gonna offer them the original credit line amount of $1220. But should I offer less with such leverage?

Thanks!!!!

Payinbills!

[codename_fortyseven]

I would let them make the offer. Just tell them you know the debt is time barred, and they won't ever get a dime unless they take it off your credit report.

Given a year and a half, I wouldn't offer more than a hundred bucks or so if you have a large purchase pending like a house or a car. If not, then I'd say screw it and wait it out for free.

[payinbills]

$100!!! didn't even consider offering that little. I mean, I did use the card more than that. Not trying to welch on my debt, just trying to only pay what I spent.

When SOL is up, does this stop them from selling the remainder to someone else.

They told me on the phone (before I learned of SOL) that if I don't pay the full 3 grand, they could sell the remainder. They also said a new lender could make me pay the difference before lending.

Are they slimy liars or what?

Payinbills!

[Anisah_H]

Can they continue to report my debt, making it re-appear on my credit report year after year? They can't can they?

I don't know about the SOL, if that didn't restart it then it should be 7 years from original date.

So all of this means, they have no legal right to collect any money, and this mark will disappear in 8/2006.

Except for at least one state that forbids it (Calif. I believe), they can still try to collect from you and even sue you even if the SOL has expired. If they sue you, you need to show up and give your defense that the SOL has run out. They know that a lot of people don't know up, and if they don't, they get a default judgement, whether it's past the SOL or not.

Just make sure to get it in writing if you do a pay for delete, BEFORE you pay them.

Anisah

[retmar]

If the debt is timebarred, they have no legal recourse which means they cannot sue and expect to prevail. Yes, they can sue, but, again, your defense is the SOL.

If you pay the debt for less, then they can sell the difference if they want to, unless you have it in writing that they agree to not sell, transfer, or reassign to anyone. You would also ask for a 1099, which should be equal to the amount of the difference, which you will then file on your Federal Taxes next year.

If what you said as to the agreement must be in writing is true in your state, then your verbal has no standing. They could say in court as to your agreeing verbally, but, in my opinion, it should not hold up, even if you admitted the debt is yours. Of course, the Judge could rule different which means you would have to appeal, etc. There is a Judge in Florida who ignores laws introduced and awards the CA if the consumer admitted the debt was theirs, no matter what else was present. This was posted here sometime last year and all I can remember is that the member was going to pursue it. Have no idea what has happened since.

Forgot to add earlier. As noted above, do not hesitate to offer as low as $100.00. At least it gets the door open for discussion. Plus, then you can lay down the guidelines as to how this is to be resolved. If they want paid, they must agree in writing.

[payinbills]

One thing I just do not understand.

How are they able to sell the balance?

If you have a debt that you settle on, the difference can haunt your credit report forever? Unless you made an agreement that states they can't?

[Chancy949]

for the same reason that a credit card company can charge off a debt. (get a tax write off as a loss or their insurance pays it off) and they can sell it for pennies on the dollar and have a Junk Debt buyer buy the "paper" and claim you now owe THEM for the full balance even though on your $3,000 debt, they may have paid 80 bucks for it.

because they CAN.

*edited for typo*

[payinbills]

even after SOL is up?

AND

It's been seven years since DOLA?

[radarbeam]

SOL is over and done with. Even though I made an agreement on the phone, AND sent a check (which I stopped payment on)

Are you sure SoL is up?

Has it been at least five years?

If you stopped payment on the check they may still have the check and can use it against you to show an acknowlegement in writing that would satisfy F.S. 95.04.

Don't assume you're safe until you actually are safe.

[radarbeam]

Don't forget, it's the common law that tells you what Florida law states and when there are conflicting inferences in the common law then you have to assume that you aren't safe until you are safe from the worst of the inferences.

[ghacorp]

Radarbeam is correct. Stoppage of payment on a check is a whole lot better than writing one on insufficient funds, however, if the recipient still has the unpaid check it could pose a future problem.

[LadynRed]

Radar - can you not READ ?? The OP stated the DOLA was 1999 !! 1999 +5 = 2004 !!! This is 2005, so get off your caselaw soapbox, we're all pretty tired of it.

Payinbills - The FCRA states that negative items can stay on your reports for 7 years PLUS 180 days - or 7-1/2 years from the date of delinquency that led the account to be placed for collection and/or charged-off. So, if the DOLA was 8/99, it went continuously delinquent in 9/1999, and it should come OFF your reports as of 3/2007. So, you've got 2 years to go before it drops off your reports.